Chinwendu Obienyi
The Boards of Directors of Chemical and Allied Products Plc (CAP) and Portland Paints and Products Nigeria Plc, yesterday, took a decision to merge their respective businesses in accordance with applicable laws.
The proposed merger is subject to the required regulatory and corporate approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) as well as shareholders of CAP and Portland Paints respectively.
According to the notice sent to the investing community, the decision to pursue the proposed merger was driven by the strategic objectives of the Boards of CAP and Portland Paints to drive growth and expansion within the Nigerian and African markets.
Commenting on the development, the Managing Director, CAP Plc, David Wright, said: “The decision to pursue the proposed merger, is driven by the Board’s strategic plan to aggressively grow within the Nigerian and African markets.
We believe that the proposed merger presents a unique opportunity that will benefit all stakeholders, from shareholders to customers as well as the broader economy.